本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大 遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 长江证券股份有限公司 2025 年第三季度报告 证券代码：000783 证券简称：长江证券 公告编号：2025-064 长江证券股份有限公司 2025 年第三季度报告 | 项目 | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业总收入（元） | 3,781,702,580.23 | 94.04% | 8,486,456,252.21 | 76.66% | | 归属于上市公司股东的净利润 （元） | 1,635,679,019.87 | 152.76% | ...

Core Points - Changjiang Securities experienced a stock price decline of 2.04% on October 30, trading at 8.63 CNY per share with a total market capitalization of 47.725 billion CNY [1] - The company has seen a year-to-date stock price increase of 29.39%, with recent gains of 3.48% over the last five trading days, 8.28% over the last twenty days, and 15.22% over the last sixty days [1] - As of June 30, 2025, Changjiang Securities reported a net profit of 1.737 billion CNY, representing a year-on-year growth of 120.76% [2] Financial Performance - The main revenue sources for Changjiang Securities include brokerage and securities financial services (60.03%), proprietary trading (21.94%), alternative investments and private equity management (9.27%), investment banking (3.97%), asset management (3.23%), other businesses (0.99%), and overseas operations (0.55%) [1] - The company has distributed a total of 13.677 billion CNY in dividends since its A-share listing, with 2.157 billion CNY distributed over the last three years [3] Shareholder Information - As of June 30, 2025, the number of shareholders for Changjiang Securities was 163,200, a decrease of 7.33% from the previous period, while the average number of circulating shares per person increased by 7.92% to 33,888 shares [2] - Hong Kong Central Clearing Limited is the eighth largest circulating shareholder, holding 130 million shares, an increase of 32.8918 million shares from the previous period [3]

Group 1 - The core viewpoint of the news highlights a positive performance in the brokerage sector, with major indices rising and specific brokerage ETFs showing significant gains [1] - The third-quarter financial results of CITIC Securities indicate a revenue of 22.775 billion yuan, a year-on-year increase of 55.71%, and a net profit attributable to shareholders of 9.440 billion yuan, up 51.54% [1] - For the first three quarters, CITIC Securities reported a revenue of 55.815 billion yuan, reflecting a year-on-year growth of 32.70%, and a net profit of 23.159 billion yuan, which is a 37.86% increase [1] Group 2 - Open Source Securities' research report suggests that the performance of listed brokerages in the third quarter is expected to exceed expectations, with improvements anticipated in investment banking, derivatives, and public fund businesses [1] - The report also indicates that leading brokerages are likely to experience ROE expansion driven by overseas business growth and internal growth strategies, while the sector's valuation remains low, presenting strategic investment opportunities [1] - The brokerage ETF fund (515010) tracks the securities company index and has a low management and custody fee rate of 0.2%, making it an attractive investment option for those looking to capitalize on the recovery of the A-share market [2]

证券代码：000783 证券简称：长江证券 公告编号：2025-062 债券代码：148489 债券简称：23 长江 04 长江证券股份有限公司 2023 年面向专业投资者公开发行公 司债券（第三期）2025 年付息公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 特别提示： ●债券简称及代码：23 长江 04（148489） ●计息期间：2024 年 10 月 31 日至 2025 年 10 月 30 日 ●债权登记日：2025 年 10 月 30 日 2、债券名称：长江证券股份有限公司 2023 年面向专业投资者公 1 开发行公司债券（第三期）。 3、债券简称及代码：23 长江 04（148489）。 ●债券付息日：2025 年 10 月 31 日 长江证券股份有限公司（以下简称"发行人"或"本公司"）发 行的长江证券股份有限公司 2023 年面向专业投资者公开发行公司债 券（第三期）（以下简称"本期债券"）将于 2025 年 10 月 31 日支 付 2024 年 10 月 31 日至 2025 年 10 月 30 日期间的利息。为保证本次 付息工作 ...

Core Viewpoint - The coal sector in the A-share market has shown strong performance recently, driven by a combination of fundamental, policy, and valuation factors [1] Group 1: Fundamental Factors - The price of thermal coal has surged, with a daily increase of 10 yuan/ton, which is relatively rare in history [1] - Demand has risen due to unexpected cooling in northern regions and gradual cooling in southern regions, leading to increased daily consumption by power plants and lower inventory days compared to previous years, resulting in significant replenishment needs [1] - On the supply side, stricter safety regulations and "anti-involution" policies have limited overproduction, resulting in constrained supply release [1] Group 2: Policy and Valuation Factors - Despite some industry leaders having high price-to-earnings (PE) ratios, their dividend yields remain around 5%, which meets the cost requirements for insurance capital liabilities [1] - The dividend yield offers a competitive value compared to the overall market [1] - Key elastic targets include coking coal and flexible thermal coal varieties, with price-to-book (PB) ratios at historical lows over the past decade, enhancing the coal sector's comparative advantage in the market [1]

Core Insights - The securities sector experienced a significant increase of 2.22% on October 29, with Huazhong Securities leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Securities Sector Performance - Huazhong Securities (600909) closed at 6.89, with an increase of 8.16% and a trading volume of 4.1986 million shares, amounting to a transaction value of 2.879 billion [1] - Northeast Securities (000686) closed at 9.34, up 6.86%, with a trading volume of 1.9655 million shares, totaling 1.837 billion [1] - Dongxing Securities (601198) closed at 13.38, up 4.53%, with a trading volume of 1.3059 million shares, totaling 1.725 billion [1] - Other notable performers include Changjiang Securities (000783) at 8.81 (+4.38%), GF Securities (000776) at 23.92 (+4.09%), and Dongfang Securities (600958) at 11.65 (+3.65%) [1] Capital Flow Analysis - The securities sector saw a net inflow of 3.782 billion from institutional investors, while retail investors experienced a net outflow of 1.532 billion [2] - The overall capital flow indicates a strong interest from institutional players despite the outflow from retail investors [2]

Core Viewpoint - The A-share market is experiencing a significant rally, particularly in the brokerage sector, with major stocks seeing substantial gains and the Shanghai Composite Index surpassing the 4000-point mark [1] Group 1: Brokerage Stocks Performance - Brokerage stocks collectively surged, with Huazhong Securities hitting the daily limit up and Northeast Securities also reaching the limit up [1] - Northeast Securities rose by 9.7%, while Changjiang Securities and GF Securities increased by over 4% [1] - Other brokerage firms such as Dongfang Securities, Dongxing Securities, and Huaxi Securities saw gains exceeding 3%, and several others rose by over 2% [1] Group 2: Market Indices - As of 13:38, the Shanghai Composite Index successfully crossed the 4000-point threshold, rising by 0.46% to 4006.51 points [1] - The ChiNext Index also experienced an increase of over 2% [1]

Core Viewpoint - The article highlights the strong performance of brokerage stocks in the A-share market, driven by better-than-expected Q3 earnings and the Shanghai Composite Index breaking the 4000-point barrier, indicating a bullish market trend [3][4][6]. Group 1: Brokerage Stock Performance - On October 29, brokerage stocks collectively surged, with Huazhang Securities hitting the daily limit and Northeast Securities rising by 9.7% [4]. - As of October 28, 14 brokerages reported Q3 earnings, with 13 comparable brokerages' net profits totaling approximately 467.26 billion yuan, a year-on-year increase of 46.42%, reflecting a high-growth trend [5][6]. - The strong performance of brokerage stocks is attributed to the positive market sentiment as the Shanghai Composite Index approaches the critical 4000-point level [5][7]. Group 2: Market Outlook - Analysts from various institutions express optimism about the brokerage sector, citing it as a "relatively undervalued" asset with high year-on-year growth [6]. - The current capital market environment is seen as favorable, with policies aimed at attracting long-term funds and enhancing market activity, which could lead to strategic opportunities for brokerages [6]. - The overall market is expected to continue its upward trend, supported by strong earnings, favorable policies, and increased market activity, with a focus on leading brokerages excelling in retail and institutional business [6][9]. Group 3: Index Performance - The Shanghai Composite Index successfully crossed the 4000-point mark, closing at 4002.83, with a 0.37% increase, while the Shenzhen Component Index and the ChiNext Index also saw significant gains [7]. - The trading volume in the Shanghai and Shenzhen markets reached 1.42 trillion yuan, an increase of 719 billion yuan from the previous trading day, indicating heightened market activity [7]. Group 4: Future Trends - The market is believed to be in the second phase of a bull market, with continued inflow of incremental capital and a balanced market style [9][10]. - The macroeconomic environment is supportive of emerging growth sectors, with expectations for a shift towards large-cap growth styles in the medium term [10].

Core Viewpoint - The securities sector is experiencing significant growth, with major brokerage firms reporting strong earnings and a favorable market environment, indicating a strategic investment opportunity in this industry [3][4]. Group 1: Market Performance - As of October 29, 2025, the CSI Securities Company Pioneer Strategy Index rose by 2.47%, with notable gains from stocks such as Huazhong Securities (10% limit up), Northeast Securities (up 9.73%), and Changjiang Securities (up 4.98%) [1]. - The Securities ETF Pioneer has seen a 57.26% increase in net value over the past three years, with a maximum monthly return of 39.27% since its inception [3]. Group 2: Earnings and Valuation - For the first three quarters of 2025, 14 brokerage firms reported a combined net profit of approximately 46.726 billion yuan, reflecting a year-on-year increase of 46.42%, with three firms doubling their profits and eight firms showing growth between 50% and 100% [3]. - The latest price-to-earnings ratio (PE-TTM) for the Securities ETF Pioneer is 19.78, indicating it is at a historical low, being below 80.8% of the time over the past year [3]. Group 3: Market Outlook - The capital market is expected to maintain a steady upward trend, providing a solid foundation for continued earnings growth in the brokerage sector [3]. - The current market conditions, including new account openings and the movement of household deposits, suggest that trading sentiment will remain high, further boosting brokerage business growth [4].

Core Viewpoint - The surge in brokerage stocks, referred to as the "bull market flag bearers," is primarily driven by better-than-expected Q3 earnings and the Shanghai Composite Index breaking the 4000-point barrier, which has boosted market sentiment [1][6]. Brokerage Stocks Performance - On October 29, A-share brokerage stocks collectively surged, with Huazhong Securities hitting the daily limit, and Northeast Securities rising by 9.7%. Other notable performers included Changjiang Securities and GF Securities, both up over 4% [2][3]. - As of October 28, 14 brokerages reported Q3 earnings, with 13 of them showing a combined net profit of approximately 46.73 billion yuan, marking a year-on-year increase of 46.42% [3][4]. Market Sentiment and Trends - The Shanghai Composite Index successfully crossed the 4000-point mark, closing at 4002.83, with a 0.37% increase. The Shenzhen Component Index and the ChiNext Index also saw significant gains [6]. - Analysts suggest that the current market is in the second phase of a bull market, with continued inflow of incremental capital and a stable upward trend expected [7]. Institutional Insights - Multiple institutions view the brokerage sector as a "relatively undervalued and high-growth" asset. They anticipate that Q3 reports will exceed expectations, particularly in investment banking, derivatives, and public fund businesses [4][5]. - Huatai Securities highlights a strategic shift in the capital market, with significant changes in policies aimed at attracting long-term funds and enhancing market activity, which could create strategic allocation opportunities in the brokerage sector [5].